South Carolina is a trendy real estate market for investors. With its prime location on the Atlantic seaboard, the state has a wide variety of potential investment opportunities from luxury homes on the beach to more affordable options including single-family homes and apartments further inland. The history and culture of South Carolina is extremely diverse. Established back in 1729 after separating from North Carolina, the state has now become a popular vacation and retirement destination as well as an attractive market for first-time homebuyers drawn to the region due to the lower cost of living. The state population is a little over five million people and the average household income is approximately $50,000.
From an investment perspective, South Carolina is equally attractive given the state’s fast appreciation rates and emerging economy. With more and more investors flocking to the market, every advantage you can get in what is quickly becoming a hot market is crucial. That’s where hard money loans come to play. The experts at Gauntlet funding specialize in providing flexible funding options for savvy investors—making it painless to get you the money you need in a fraction of the time as compared to conventional loans. If you’ve been considering about investing in South Carolina real estate, the following are three potential areas to consider.
From upscale oceanfront properties to a vibrant downtown packed with condos and apartments, Charleston and the surrounding suburbs has something for every investor. The city’s average home value is $320,800—significantly higher than the entire South Carolina average of $165,800. Still, data compiled by Zillow projects that home values will continue to trend upwards to the tune of 3.1% over the coming year, which is a shade under the 5.9% increase the city experienced in 2020. The median listing price in Charleston are approximately $377,945 while the average sales price is $294,600—and the demand for increased housing options has consistently risen year after year. Having the money on-hand that you need to submit an offer on that perfect property is an investor’s dream come true. Gauntlet Funding can make that dream a reality.
This city is home to the campus of the University of South Carolina and is the largest community in the state in terms of population. The area exceeded real estate experts’ initial projections last year, posting an increase of 10.6% in new property listings. Inventories have since declined by 3.4%, indicating that there is substantial buyer demand, which is promising for investors looking for an active market for fix-and-flip projects. The average value of a home in Columbia is $134,000, a number that is expected to rise by 3.7% this year. With the average rent at $1200 per month, multi-family investors should take note of the potentially lucrative return on investment. When it comes to college towns, one thing is for certain: There will be plenty of students looking for housing options on a year-round basis. That’s a perfect location to invest in real estate.
This location has consistently ranked as the priciest real estate market in South Carolina. Properties here are in particularly high demand for retirees and seasonal residents who are drawn to the popular coastal community. There is also an overwhelming demand for rental properties on Hilton Head Island in the summer months, with some landlords reporting they typically garner a substantial 9% to 10% ROI (return on investment) from their rental homes. Zillow anticipates that the average home price of $437,200 will increase by a healthy 3.6% during 2020. Utilizing a hard money loan could allow real estate investors to enter the market now and reap the rewards of appreciation in the coming months.
Why Now is a Great Time Invest with a South Carolina Hard Money Loan | Gauntlet Funding – Melville, NY